BofA Strategists Recommend Long June SOFR/Fed Funds Basis

This is a rates-basis trade, not a crypto or RWA story, so its relevance to this audience is indirect at best: it signals how sell-side desks are positioning around a debt-ceiling catalyst that has historically moved funding markets and risk appetite broadly. The call is explicitly two-sided, with the stated risk being an early debt-ceiling resolution, which makes the trade a leveraged bet on timing rather than direction. What matters is whether that resolution risk materializes, since it would invalidate the premise rather than merely dent the position.